Local market ends down after resource losses

The local share market edged lower in late trade to close down around a third of a per cent, with resource and energy stocks leading the falls.

The All Ordinaries lost 13 points to 4,470, while the ASX 200 gave back 14 points to close at 4,448.

The resources sector was a drag on the market; BHP Billiton gave up close to 0.5 per cent, but falls were only very slight for Rio Tinto, while Fortescue added 3 per cent after iron ore prices pushed higher.

Shares in insurer QBE slumped after the company revealed superstorm Sandy in the US could cost it just under $500 million.

The insurer has as a result cut its insurance profit margin forecast from 12 to 8 per cent, but says it still expects an improvement in full-year profit.

Shares in the company dropped around 14 per cent on the initial announcement, but by the close were off 8 per cent.

Industrial stocks Incitec Pivot and Orica both lost over 3 per cent on the back of disappointing earnings.

The big banks were mixed; the Commonwealth added 1 per cent while ANZ and NAB lost around 0.5 per cent.

There was little economic data out today except housing finance figures, which showed a glimmer of recovery in the housing market.

Official figures show an almost 1 per cent rise in the number of owner-occupier loans approved in September, while the value of loans approved for investors jumped by 8.6 per cent.

The figures provide evidence the housing sector is beginning to respond to the lower interest rate environment - something the RBA has been betting on.

The Australian dollar picked up pace against the greenback throughout the day and just after 5:30pm AEDT was worth 104.2 US cents.

It was also buying 81.8 Euro cents, 65.5 British pence and 82.8 Japanese yen.

On commodity markets, West Texas crude was slightly higher, worth $US86, while Tapis was up to $US115.